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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Leonardo SpA</name>
        <lei>529900X4EEX1U9LN3U39</lei>
        <title>Leonardo SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0003856405"/>
          <ticker value="LDO"/>
        </identifiers>
        <balance>18456.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".875200000000"/>
        <valUSD>989542.730000000000</valUSD>
        <pctVal>0.9824080676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bodycote PLC</name>
        <lei>213800V93QFW53NB7Y29</lei>
        <title>Bodycote PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B3FLWH99"/>
          <ticker value="BOY"/>
        </identifiers>
        <balance>8054.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".753890000000"/>
        <valUSD>70936.820000000000</valUSD>
        <pctVal>0.0704253613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aselsan Elektronik Sanayi Ve T</name>
        <lei>7890008XT4M710MU8714</lei>
        <title>Aselsan Elektronik Sanayi Ve Ticaret AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAASELS91H2"/>
          <ticker value="ASELS"/>
        </identifiers>
        <balance>54456.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.646250000000"/>
        <valUSD>402761.640000000000</valUSD>
        <pctVal>0.3998577045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gabler Group AG</name>
        <lei>391200E0ZR3VLW4EM351</lei>
        <title>Gabler Group AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000A421RZ9"/>
          <ticker value="XK4"/>
        </identifiers>
        <balance>1051.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".875200000000"/>
        <valUSD>44432.130000000000</valUSD>
        <pctVal>0.0441117717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Astronics Corp</name>
        <lei>549300NNXCF8H4MSMK17</lei>
        <title>Astronics Corp</title>
        <cusip>046433207</cusip>
        <identifiers>
          <isin value="US0464332073"/>
          <ticker value="ATROB"/>
        </identifiers>
        <balance>271.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20596.000000000000</valUSD>
        <pctVal>0.0204475016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Safran SA</name>
        <lei>969500UIC89GT3UL7L24</lei>
        <title>Safran SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000073272"/>
          <ticker value="SAF"/>
        </identifiers>
        <balance>12454.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".875200000000"/>
        <valUSD>4909312.160000000000</valUSD>
        <pctVal>4.8739157253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Scandinavian Astor Group AB</name>
        <lei>6367008E34A47WN4HL80</lei>
        <title>Scandinavian Astor Group AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0019175274"/>
          <ticker value="ASTOR"/>
        </identifiers>
        <balance>28544.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.696350000000"/>
        <valUSD>53135.380000000000</valUSD>
        <pctVal>0.0527522707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rheinmetall AG</name>
        <lei>5299001OU9CSE29O6S05</lei>
        <title>Rheinmetall AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0007030009"/>
          <ticker value="RHM"/>
        </identifiers>
        <balance>2137.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".875200000000"/>
        <valUSD>2418531.190000000000</valUSD>
        <pctVal>2.4010934353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Virgin Galactic Holdings Inc</name>
        <lei>549300C631IMXCSMN048</lei>
        <title>Virgin Galactic Holdings Inc</title>
        <cusip>92766K403</cusip>
        <identifiers>
          <isin value="US92766K4031"/>
          <ticker value="SPCE"/>
        </identifiers>
        <balance>11796.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34090.440000000000</valUSD>
        <pctVal>0.0338446459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Smith &amp; Wesson Brands Inc</name>
        <lei>5493004PFHUPOR1PWN79</lei>
        <title>Smith &amp; Wesson Brands Inc</title>
        <cusip>831754106</cusip>
        <identifiers>
          <isin value="US8317541063"/>
          <ticker value="SWBI"/>
        </identifiers>
        <balance>4735.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>71214.400000000000</valUSD>
        <pctVal>0.0707009399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>York Space Systems Inc</name>
        <lei>N/A</lei>
        <title>York Space Systems Inc</title>
        <cusip>987084100</cusip>
        <identifiers>
          <isin value="US9870841007"/>
          <ticker value="YSS"/>
        </identifiers>
        <balance>5406.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>133095.720000000000</valUSD>
        <pctVal>0.1321360919</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rolls-Royce Holdings PLC</name>
        <lei>213800EC7997ZBLZJH69</lei>
        <title>Rolls-Royce Holdings PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B63H8491"/>
          <ticker value="RR/"/>
        </identifiers>
        <balance>375042.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".753890000000"/>
        <valUSD>7186534.820000000000</valUSD>
        <pctVal>7.1347194735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Curtiss-Wright Corp</name>
        <lei>TEL51ETZWP7D0ZM4X325</lei>
        <title>Curtiss-Wright Corp</title>
        <cusip>231561101</cusip>
        <identifiers>
          <isin value="US2315611010"/>
          <ticker value="CW"/>
        </identifiers>
        <balance>1738.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1316986.880000000000</valUSD>
        <pctVal>1.3074913257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ducommun Inc</name>
        <lei>549300Z71HMWF90S2214</lei>
        <title>Ducommun Inc</title>
        <cusip>264147109</cusip>
        <identifiers>
          <isin value="US2641471097"/>
          <ticker value="DCO"/>
        </identifiers>
        <balance>585.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>108347.850000000000</valUSD>
        <pctVal>0.1075666555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mercury Systems Inc</name>
        <lei>549300P3B84SGK7HH679</lei>
        <title>Mercury Systems Inc</title>
        <cusip>589378108</cusip>
        <identifiers>
          <isin value="US5893781089"/>
          <ticker value="MRCY"/>
        </identifiers>
        <balance>2388.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>292124.040000000000</valUSD>
        <pctVal>0.2900178082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OSI Systems Inc</name>
        <lei>DDX3MPX1Y8YD30050X33</lei>
        <title>OSI Systems Inc</title>
        <cusip>671044105</cusip>
        <identifiers>
          <isin value="US6710441055"/>
          <ticker value="OSIS"/>
        </identifiers>
        <balance>741.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>162056.700000000000</valUSD>
        <pctVal>0.1608882615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Park Aerospace Corp</name>
        <lei>5299004AG0G7IB636095</lei>
        <title>Park Aerospace Corp</title>
        <cusip>70014A104</cusip>
        <identifiers>
          <isin value="US70014A1043"/>
          <ticker value="PKE"/>
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        <balance>1616.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>61666.560000000000</valUSD>
        <pctVal>0.0612219404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hensoldt AG</name>
        <lei>894500686FYLLZD3M624</lei>
        <title>Hensoldt AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000HAG0005"/>
          <ticker value="HAG"/>
        </identifiers>
        <balance>2881.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".875200000000"/>
        <valUSD>223053.660000000000</valUSD>
        <pctVal>0.2214454298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FTAI Aviation Ltd</name>
        <lei>N/A</lei>
        <title>FTAI Aviation Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG3730V1059"/>
          <ticker value="FTAI"/>
        </identifiers>
        <balance>4712.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1274737.360000000000</valUSD>
        <pctVal>1.2655464273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Archer Aviation Inc</name>
        <lei>529900UGYVU0KY2RLD83</lei>
        <title>Archer Aviation Inc</title>
        <cusip>03945R102</cusip>
        <identifiers>
          <isin value="US03945R1023"/>
          <ticker value="ACHR"/>
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        <balance>28564.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>135107.720000000000</valUSD>
        <pctVal>0.1341335852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Innovative Solutions and Suppo</name>
        <lei>254900AR4A0IR8VM4E39</lei>
        <title>Innovative Solutions and Support Inc</title>
        <cusip>45769N105</cusip>
        <identifiers>
          <isin value="US45769N1054"/>
          <ticker value="ISSC"/>
        </identifiers>
        <balance>2756.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>49608.000000000000</valUSD>
        <pctVal>0.0492503233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Moog Inc</name>
        <lei>549300WM2I4U7OBAHG07</lei>
        <title>Moog Inc</title>
        <cusip>615394202</cusip>
        <identifiers>
          <isin value="US6153942023"/>
          <ticker value="MOG/A"/>
        </identifiers>
        <balance>1290.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>546753.600000000000</valUSD>
        <pctVal>0.5428114738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Presto Industries Inc</name>
        <lei>N/A</lei>
        <title>National Presto Industries Inc</title>
        <cusip>637215104</cusip>
        <identifiers>
          <isin value="US6372151042"/>
          <ticker value="NPK"/>
        </identifiers>
        <balance>365.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45621.350000000000</valUSD>
        <pctVal>0.0452924173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QinetiQ Group PLC</name>
        <lei>213800S8OBDOZMCMUW34</lei>
        <title>QinetiQ Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0WMWD03"/>
          <ticker value="QQ/"/>
        </identifiers>
        <balance>22120.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".753890000000"/>
        <valUSD>123937.020000000000</valUSD>
        <pctVal>0.1230434267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dassault Aviation SA</name>
        <lei>969500CVFTUT88V8QN95</lei>
        <title>Dassault Aviation SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0014004L86"/>
          <ticker value="AM"/>
        </identifiers>
        <balance>813.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".875200000000"/>
        <valUSD>266788.850000000000</valUSD>
        <pctVal>0.2648652864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bombardier Inc</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>Bombardier Inc</title>
        <cusip>097751861</cusip>
        <identifiers>
          <isin value="CA0977518616"/>
          <ticker value="BBD/B"/>
        </identifiers>
        <balance>4016.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.418250000000"/>
        <valUSD>924649.840000000000</valUSD>
        <pctVal>0.9179830593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AAR Corp</name>
        <lei>MP76T5YQX3YK5VVAQ802</lei>
        <title>AAR Corp</title>
        <cusip>000361105</cusip>
        <identifiers>
          <isin value="US0003611052"/>
          <ticker value="AIR"/>
        </identifiers>
        <balance>1778.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>254129.540000000000</valUSD>
        <pctVal>0.2522972508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AIRO Group Holdings Inc</name>
        <lei>529900EUD8XWJZVS2615</lei>
        <title>AIRO Group Holdings Inc</title>
        <cusip>009422106</cusip>
        <identifiers>
          <isin value="US0094221068"/>
          <ticker value="AIRO"/>
        </identifiers>
        <balance>2386.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17632.540000000000</valUSD>
        <pctVal>0.0175054083</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amentum Holdings Inc</name>
        <lei>2549009FJIBLW40CU216</lei>
        <title>Amentum Holdings Inc</title>
        <cusip>023939101</cusip>
        <identifiers>
          <isin value="US0239391016"/>
          <ticker value="AMTM"/>
        </identifiers>
        <balance>6545.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>135285.150000000000</valUSD>
        <pctVal>0.1343097360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAE Systems PLC</name>
        <lei>8SVCSVKSGDWMW2QHOH83</lei>
        <title>BAE Systems PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0002634946"/>
          <ticker value="BA/"/>
        </identifiers>
        <balance>138456.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".753890000000"/>
        <valUSD>3386606.320000000000</valUSD>
        <pctVal>3.3621886856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kratos Defense &amp; Security Solu</name>
        <lei>5493000EKBN0UY1F3F88</lei>
        <title>Kratos Defense &amp; Security Solutions Inc</title>
        <cusip>50077B207</cusip>
        <identifiers>
          <isin value="US50077B2079"/>
          <ticker value="KTOS"/>
        </identifiers>
        <balance>8505.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>424059.300000000000</valUSD>
        <pctVal>0.4210018070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RTX Corp</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>RTX Corp</title>
        <cusip>75513E101</cusip>
        <identifiers>
          <isin value="US75513E1010"/>
          <ticker value="RTX"/>
        </identifiers>
        <balance>40233.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7633407.090000000000</valUSD>
        <pctVal>7.5783697676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Satellogic Inc</name>
        <lei>5299009D26BMHHTAHA11</lei>
        <title>Satellogic Inc</title>
        <cusip>80401C100</cusip>
        <identifiers>
          <isin value="US80401C1009"/>
          <ticker value="SATL"/>
        </identifiers>
        <balance>7096.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40589.120000000000</valUSD>
        <pctVal>0.0402964700</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Melrose Industries PLC</name>
        <lei>213800RGNXXZY2M7TR85</lei>
        <title>Melrose Industries PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNGDN821"/>
          <ticker value="MRO"/>
        </identifiers>
        <balance>58285.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".753890000000"/>
        <valUSD>367156.300000000000</valUSD>
        <pctVal>0.3645090811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cirrus Aircraft Ltd</name>
        <lei>N/A</lei>
        <title>Cirrus Aircraft Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG2151G1001"/>
          <ticker value="2507"/>
        </identifiers>
        <balance>9661.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.842850000000"/>
        <valUSD>41512.420000000000</valUSD>
        <pctVal>0.0412131130</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Avio SpA</name>
        <lei>8156008F25C4B0E7C860</lei>
        <title>Avio SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0005119810"/>
          <ticker value="AVIO"/>
        </identifiers>
        <balance>1538.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".875200000000"/>
        <valUSD>55267.480000000000</valUSD>
        <pctVal>0.0548689982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AeroVironment Inc</name>
        <lei>529900PGHVI29YLZ6221</lei>
        <title>AeroVironment Inc</title>
        <cusip>008073108</cusip>
        <identifiers>
          <isin value="US0080731088"/>
          <ticker value="AVAV"/>
        </identifiers>
        <balance>1392.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>229777.440000000000</valUSD>
        <pctVal>0.2281207309</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Astronics Corp</name>
        <lei>549300NNXCF8H4MSMK17</lei>
        <title>Astronics Corp</title>
        <cusip>046433108</cusip>
        <identifiers>
          <isin value="US0464331083"/>
          <ticker value="ATRO"/>
        </identifiers>
        <balance>1355.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>110107.300000000000</valUSD>
        <pctVal>0.1093134198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cadre Holdings Inc</name>
        <lei>2549006IKQEWJ8M7CB97</lei>
        <title>Cadre Holdings Inc</title>
        <cusip>12763L105</cusip>
        <identifiers>
          <isin value="US12763L1052"/>
          <ticker value="CDRE"/>
        </identifiers>
        <balance>1258.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35865.580000000000</valUSD>
        <pctVal>0.0356069870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eve Holding Inc</name>
        <lei>N/A</lei>
        <title>Eve Holding Inc</title>
        <cusip>29970N104</cusip>
        <identifiers>
          <isin value="US29970N1046"/>
          <ticker value="EVEX"/>
        </identifiers>
        <balance>11285.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28325.350000000000</valUSD>
        <pctVal>0.0281211225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hexcel Corp</name>
        <lei>S6Q7LW43WUBUHXY2QP69</lei>
        <title>Hexcel Corp</title>
        <cusip>428291108</cusip>
        <identifiers>
          <isin value="US4282911084"/>
          <ticker value="HXL"/>
        </identifiers>
        <balance>3609.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>361116.540000000000</valUSD>
        <pctVal>0.3585128681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Huntington Ingalls Industries</name>
        <lei>5TZLZ6WJTBVJ0QWBG121</lei>
        <title>Huntington Ingalls Industries Inc</title>
        <cusip>446413106</cusip>
        <identifiers>
          <isin value="US4464131063"/>
          <ticker value="HII"/>
        </identifiers>
        <balance>1771.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>495685.190000000000</valUSD>
        <pctVal>0.4921112701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intuitive Machines Inc</name>
        <lei>254900386IE2PEPLVM59</lei>
        <title>Intuitive Machines Inc</title>
        <cusip>46125A100</cusip>
        <identifiers>
          <isin value="US46125A1007"/>
          <ticker value="LUNR"/>
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        <balance>4995.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>106843.050000000000</valUSD>
        <pctVal>0.1060727052</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>L3Harris Technologies Inc</name>
        <lei>549300UTE50ZMDBG8A20</lei>
        <title>L3Harris Technologies Inc</title>
        <cusip>502431109</cusip>
        <identifiers>
          <isin value="US5024311095"/>
          <ticker value="LHX"/>
        </identifiers>
        <balance>8685.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2523774.150000000000</valUSD>
        <pctVal>2.5055775872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northrop Grumman Corp</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp</title>
        <cusip>666807102</cusip>
        <identifiers>
          <isin value="US6668071029"/>
          <ticker value="NOC"/>
        </identifiers>
        <balance>6630.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3376725.300000000000</valUSD>
        <pctVal>3.3523789083</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cohort PLC</name>
        <lei>213800WE61C73LZZNW11</lei>
        <title>Cohort PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0YD2B94"/>
          <ticker value="CHRT"/>
        </identifiers>
        <balance>3727.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".753890000000"/>
        <valUSD>60807.410000000000</valUSD>
        <pctVal>0.0603689849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saab AB</name>
        <lei>549300ZHO4JCQQI13M69</lei>
        <title>Saab AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0021921269"/>
          <ticker value="SAABB"/>
        </identifiers>
        <balance>13971.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.696350000000"/>
        <valUSD>724460.110000000000</valUSD>
        <pctVal>0.7192367092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Exail Technologies SA</name>
        <lei>549300EWC06TYV07XE53</lei>
        <title>Exail Technologies SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000062671"/>
          <ticker value="EXA"/>
        </identifiers>
        <balance>353.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".875200000000"/>
        <valUSD>48440.700000000000</valUSD>
        <pctVal>0.0480914397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chemring Group PLC</name>
        <lei>213800U9A54VQJ5P2J41</lei>
        <title>Chemring Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B45C9X44"/>
          <ticker value="CHG"/>
        </identifiers>
        <balance>12480.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".753890000000"/>
        <valUSD>84757.190000000000</valUSD>
        <pctVal>0.0841460856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSG NV</name>
        <lei>31570078IM9ILNPQUB16</lei>
        <title>CSG NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0015073TS8"/>
          <ticker value="CSG"/>
        </identifiers>
        <balance>7015.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CZK" exchangeRt="21.242350000000"/>
        <valUSD>104057.530000000000</valUSD>
        <pctVal>0.1033072690</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RENK Group AG</name>
        <lei>894500H8CNSZ53EI6K63</lei>
        <title>RENK Group AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000RENK730"/>
          <ticker value="R3NK"/>
        </identifiers>
        <balance>3760.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".875200000000"/>
        <valUSD>181190.590000000000</valUSD>
        <pctVal>0.1798841950</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SDT Uzay VE Savunma Teknolojil</name>
        <lei>789000GK4YB4RJQ6U234</lei>
        <title>SDT Uzay VE Savunma Teknolojileri AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRESDTT00013"/>
          <ticker value="SDTTR"/>
        </identifiers>
        <balance>9025.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.646250000000"/>
        <valUSD>51174.800000000000</valUSD>
        <pctVal>0.0508058266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Colt CZ Group SE</name>
        <lei>315700O990GR61YDGF96</lei>
        <title>Colt CZ Group SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CZ0009008942"/>
          <ticker value="COLT"/>
        </identifiers>
        <balance>1083.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CZK" exchangeRt="21.242350000000"/>
        <valUSD>46700.480000000000</valUSD>
        <pctVal>0.0463637667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEICO Corp</name>
        <lei>529900O1DTDLCJ7L0I14</lei>
        <title>HEICO Corp</title>
        <cusip>422806109</cusip>
        <identifiers>
          <isin value="US4228061093"/>
          <ticker value="HEI"/>
        </identifiers>
        <balance>1895.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>674980.050000000000</valUSD>
        <pctVal>0.6701134034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Leonardo DRS Inc</name>
        <lei>549300HMMEWVG3PPQU18</lei>
        <title>Leonardo DRS Inc</title>
        <cusip>52661A108</cusip>
        <identifiers>
          <isin value="US52661A1088"/>
          <ticker value="DRS"/>
        </identifiers>
        <balance>2379.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>101511.930000000000</valUSD>
        <pctVal>0.1007800229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Redwire Corp</name>
        <lei>5299003GVI811TBDK812</lei>
        <title>Redwire Corp</title>
        <cusip>75776W103</cusip>
        <identifiers>
          <isin value="US75776W1036"/>
          <ticker value="RDW"/>
        </identifiers>
        <balance>4983.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60942.090000000000</valUSD>
        <pctVal>0.0605026939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Joby Aviation Inc</name>
        <lei>254900NMVFUM8FO88E56</lei>
        <title>Joby Aviation Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG651631007"/>
          <ticker value="JOBY"/>
        </identifiers>
        <balance>27428.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>244657.760000000000</valUSD>
        <pctVal>0.2428937629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Senior PLC</name>
        <lei>5493002HQHWN5JQHKQ51</lei>
        <title>Senior PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0007958233"/>
          <ticker value="SNR"/>
        </identifiers>
        <balance>18622.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".753890000000"/>
        <valUSD>71139.500000000000</valUSD>
        <pctVal>0.0706265799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Beta Technologies Inc</name>
        <lei>52990061LF435PLC7H73</lei>
        <title>Beta Technologies Inc</title>
        <cusip>086921103</cusip>
        <identifiers>
          <isin value="US0869211039"/>
          <ticker value="BETA"/>
        </identifiers>
        <balance>5815.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>97401.250000000000</valUSD>
        <pctVal>0.0966989812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thales SA</name>
        <lei>529900FNDVTQJOVVPZ19</lei>
        <title>Thales SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000121329"/>
          <ticker value="HO"/>
        </identifiers>
        <balance>4015.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".875200000000"/>
        <valUSD>1031275.140000000000</valUSD>
        <pctVal>1.0238395845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TransDigm Group Inc</name>
        <lei>N/A</lei>
        <title>TransDigm Group Inc</title>
        <cusip>893641100</cusip>
        <identifiers>
          <isin value="US8936411003"/>
          <ticker value="TDG"/>
        </identifiers>
        <balance>2561.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3411354.440000000000</valUSD>
        <pctVal>3.3867583701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Airbus SE</name>
        <lei>MINO79WLOO247M1IL051</lei>
        <title>Airbus SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000235190"/>
          <ticker value="AIR"/>
        </identifiers>
        <balance>23041.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".875200000000"/>
        <valUSD>5121567.800000000000</valUSD>
        <pctVal>5.0846409894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Honeywell Aerospace Inc</name>
        <lei>213800ZUAQRBYL67JS90</lei>
        <title>Honeywell Aerospace Inc</title>
        <cusip>43849R105</cusip>
        <identifiers>
          <isin value="US43849R1059"/>
          <ticker value="HONA"/>
        </identifiers>
        <balance>14123.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3122312.840000000000</valUSD>
        <pctVal>3.0998007774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Howmet Aerospace Inc</name>
        <lei>549300HO5WFZUT5N2T22</lei>
        <title>Howmet Aerospace Inc</title>
        <cusip>443201108</cusip>
        <identifiers>
          <isin value="US4432011082"/>
          <ticker value="HWM"/>
        </identifiers>
        <balance>18100.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4866366.000000000000</valUSD>
        <pctVal>4.8312792096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Altinay Savunma Teknolojileri</name>
        <lei>789000AJWY3NGXUEV977</lei>
        <title>Altinay Savunma Teknolojileri AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREALTA00014"/>
          <ticker value="ALTNY"/>
        </identifiers>
        <balance>118905.998000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.646250000000"/>
        <valUSD>42569.990000000000</valUSD>
        <pctVal>0.0422630578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-24</ncom:dateSigned>
      <ncom:nameOfApplicant>Themes ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ Dobromir Kamburov</ncom:signature>
      <ncom:signerName>Dobromir Kamburov</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
